In a freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines the turbulent era of Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, he appointed the maverick economist Varoufakis as the treasury head mainly due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, actually, more of a star rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own motives which included advancing Varoufakis's books as well as experimenting with his own game theories on Greece instead of genuinely advocating its economic stability.
Tsipras wrote that those negotiations to prevent insolvency became “not only a way of achieving improved terms for Greece. They were a test, an historic chance to demonstrate the truth of his ideas.”
Critical Talks
During rollercoaster negotiations, Greece came perilously close to leaving the single currency area.
At stake was both the country's destiny and the severe cutbacks required in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, a move which threw Europe into further existential crisis.
Even though the vote was won resoundingly by those against austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate handling.”
He further wrote that his confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury along with shock in some quarters, whereas the former minister has kept a deafening silence on the matter.
